A great multitude of groups have entered the race to tokenize bitcoin cash (BCH). Developers are energized by a £5 million prize to bring this functionality to the cryptocurrency’s ecosystem, which means we might soon see smart contracts implemented with BCH.
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£5 Million in bitcoin Cash Prize
More than 50 teams have entered a bitcoin cash (BCH) tokenization challenge, which is meant to help make the cryptocurrency into a “cornerstone of a globally distributed economy.” The contest was recently launched by , the cryptocurrency company led by the billionaire entrepreneur Calvin Ayre, and is backed by a £5 million in prize money. It has done so in cooperation with technology research and development firm .
“While it is our firm belief that BCH is the one true blockchain that will emerge out of all the FUD around cryptocurrencies right now, we want to also ensure BCH has all the tools necessary to make that claim and more. Tokenization is another step on that journey as we create a ‘best of breed’ coin that has all the components of the original Satoshi white paper but also has the additional features that enhance BCH further still,” said Ayre.
Requirements and Assets
The organizers explain that challengers need to design a system that enables to securely create, issue, redeem and destroy tokens; a wallet allowing the user to view, trade and redeem their holdings; and an audit solution that allows a third party to independently validate the status of all issued tokens on the blockchain. They are not required to involve the execution of a smart contract on the blockchain, but participants must demonstrate real-world use cases.
Coingeek will provide access and licenses to use certain assets from Nchain’s patent portfolio. The solutions will be evaluated on how well they meet the objectives as well as their effectiveness in using these intellectual property assets. Participants, however, are not limited or required to use Nchain’s assets as Coingeek says it encourages creativity and new ideas.
If you are part of a team of developers interested in taking part, you can learn more and register for the contest .
Is tokenization going to be the big game changer for bitcoin cash? Tell us what you think in the comments section below.
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Earlier this year number one token tracking site registered over 1500 different cryptocurrencies and saw the total market cap of these combined digital currencies surpass the incredible value of $800 billion US dollars.
Despite a recent market slump, the number of tokens into the market has no slowed down, and the total market cap is expected to continue rising.
Faced with such exponential growth, the digital assets market is facing something in the way of a crisis in a management and investment sense. One of the largest challenges is the substantial disparity between the rapidly developing digital assets market and the currently lagging financial infrastructure service.
It is common knowledge that the basic service of the traditional financial industry is the account and assets management service provided by the banking industry.
In the rapidly developing cryptocurrency industry, digital asset wallets are providing all the basic attributes of a traditional bank account, but with additional transparency made possible through decentralized blockchain technology.
Despite these advantages there are still many problems with account safety, convenience, accessibility and token transfer speed.
In addition, cryptocurrency tokens sales, (or ICO’s) have faced recent mainstream media scrutiny, investment process issues, and problematic token distribution schemes. These issues have resulted in a bad name for crowdfunding and a hesitancy for bigger investors to participate in such projects.
The Blockchain based bank aims to resolve these issues and apply the stability and accessibility provided by all commercial banks. The Hong Kong-based bank acts as both a private savings bank and investment bank, providing the most important and basic services for both financial markets, comes into being.
BitUN, A Cross－Chain Assets Private Bank Based on Lightning Network 2.0
As bitcoin, Ethereum and the other Blockchain networks apply different network protocols, it has proven to be a challenge to establish a channel for the lightning network between Blockchain networks of different structures.
BitUN, based on CAS Blockchain network, creatively defines the meaning of the universal protocol–Lightning Network 2.0 that links Blockchain networks of different structures.
This is a digital currency settling and liquidation network that resolves the hard problem to perform assets management and circulation on many Blockchain networks safely and conveniently.
When BitUN is establishing the lightning network channel, it locks the assets of the customers at the original chain through Smart Contract so as to trigger BitUN to execute the Smart Contract that extracts the value.
The value extracting Smart Contract will trigger the double-entry of BitUN system and the bookkeeping is able to record the assets of the customers accurately in the original chain.
The whole process is performed through Lightning Network 2.0, which guarantees the safety of the original chain assets but also greatly enhances the transfer speed, with minimal fees.
Users can also return the original chain assets safely through BitUN authorization. All the information can be acquired through the Blockchain browser of BitUN to guarantee the traceability of the assets.
BitUN is also dedicated to building Lightning Network 2.0 into an open protocol of the industry, establishing a world largest cross-chain digital currency transfer and liquidation ecosystem in which all of the assets on the chain can be transferred faster and safer. BitUN has recently been securing numerous strategic partnerships with various global digital asset exchanges.
BitUN utilizes the Lightning Network 2.0 to provide total asset management, the circulation of blockchain networks on different chains, provide OTC trade, whilst connecting with numerous global exchanges.
BitUN, an ICO Store Based on Smart Contract
At present, the crowdfunding projects on the market are in chaos. The investing process has become problematic. Generally, investors have to transfer the assets to the address whether it’s credible or not. The project issuer still performs a manual accounting for the assets and token of investors.
It is also not often possible for participants to track the distribution and defrosting plans of the token. Participants generally have no choice but trust the project founders.
will aim to integrate the investment, distribution and defrosting plan of the token with Blockchain through reshaping the crowdfunding process with Smart Contract and Blockchain technology. The distribution of token and the defrosting plan of token are set up before distributing the token that is locked up on the Blockchain through a smart contract.
BitUN also optimizes the whole process in which users will have a safer and faster crowdfunding experience. Furthermore, all of the token distribution and defrosting plan can be checked through the Blockchain browser of BitUN. The tokens will be transferred to the targeting account only after meeting the enough defrosting requirements. The entire process is openness, transparent and decentralized.
BitUN news
March 14, BitUN token BUC ICO finished
March 23, BUC token released in BitUN
March 27, BitUN, a private bank of blockchain assets, and Coinsuper, a Hong Kong digital currency financial expert, signed a strategic cooperation agreement. The two parties will take long term cooperation in many fields such as wallet exchange, customer service etc..
March 28, BitUN signed a strategic cooperation agreement with Higgs Mining, the world best hash mining service. BitUN become the official wallet of Higgs Mining.
Middle of April, BitUN token BUC will be released in Coinsuper exchange
Airdrop
On March 23, 2018, BUC, the token of BitUN and the 1st round Airdrop candy will both start to distribute in BitUN App to related users. The 2nd round of the BitUN Airdrop is currently underway, and there is still time to get involved.
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Blockchain Startup BitUN Uses Promising Cryptocurrency Financial Institution in 2018, Release in April bitcoin News Release: BitUN provides its individuals both personal financial savings and Investment Financial institution. The blockchain banking platform uses a native BUC token as well as will certainly be detailed on Hong Kong Exchange Coinsuper in April 2018. April 09, 2018, Singapore – – Previously this year top token tracking site Coinmarketcap signed up over 1500 various cryptocurrencies and saw […]
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Released at Mon, 09 Apr 2018 13:13:24 +0000
